PDD Holdings (PDD US): 4Q25: Earnings Miss; Commission Revenue Growth Recovering.

PDD’s 4Q25 results are largely in line. Revenue increased 12% yoy to Rmb124b, in line with consensus estimate. Non- GAAP net profit decreased 12% yoy to Rmb27.4b, due to a decline in forex losses and higher-than-expected income tax, thus missing consensus forecast. Non-GAAP net margin expanded 6ppt yoy to 21%. Looking ahead, PDD expects its topline growth and profitability to continue fluctuating due to its merchant support strategy. Maintain BUY with a lower target price of US$134.00.

Greater China Daily: Thursday, March 26, 2026

Top Stories Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Overseas and downstream growth partly offset weak domestic demand. Maintain BUY. Target price: HK$26.10. C...

Kuaishou 4Q25 Results: Topline Growth to Moderate in 1Q and FY26

What’s new: Kuaishou’s reported 4Q25 results that top consensus and our expectations. Total rev growth could decelerate in 1Q26 partly driven by slowdown in key segments including OMS and e-commerce. While Kling AI monetization continues to ramp up, investments in training and inferences could further weigh down margins for FY26. We lower our PT from HK$85 to HK$65 on lowered outlook. Our updated PT of HK$65 implies 15.8x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon

Grasping the AI Infra Buildout & GTC takeaways